Bitcoin Forum

We are a small Bitcoin Mining operation in Australia looking to expand. I require $7500 to purchase additional hardware and mining output. Currently mining averages back out to 2.5 BTC daily.

Can be a silent partner, or join myself in growing the business and overall output. You do not have to be located in Australia.

For the $7500, you will receive a return of $8500 paid over 6 months (monthly @ $1416.00 per month), as well as 20% of all Bitcoin mined, paid out daily or weekly for the life of the operation.

You will receive 20% of the company by way of share certificate (private company) and being put on the official register as a shareholder with the Securities Commission. Can provide all info for Due Diligence.

Will also accept up to 3 individual investors investing $2500 each.

With current costs (elec, internet etc) it could take me months to get the capital required to increase output at current levels.

Estimates with the additional capital to purchase equipment (once operational - 2 weeks ETA): 9-12 BTC mined per day

Great offer for interested party.

If seriously interested PM me.






UPDATE OCT 1 2013: THIS IS NOW CLOSED. I RECEIVED INVESTMENT. THANSK TO ALL WHO WERE INTERESTED. IF I OPEN IT UP TO EXPANSION AGAIN I WILL LET YOU ALL KNOW. THANKS!

What's your advantage on mining compare with other mining competitors?
Lower electricity cost? Higher hash rate per watt? Or something else?

So regardless of how the business venture goes the person who provides the loan will receive $8500 back over the next six months?

One advantage is you will be joining 1 other person in the business. You will keep 20% of all Bitcoin mined. Also thinking of adding a "pool" to allow users to add to the mining efforts and would need help doing so. Many opportunities to explore with the right person.

Bitcoin is just taking off in Australia, getting a lot of media attention now. Setting up the pool to AU users would explode.

Our hardware (Avalon) does use less energy consumption (620w@120v AC) yes. I have a direct link to the builder of the tech which will enable me/us to add more hardware quick.

Yes, correct. If for any reason the Bitcoin market tanks, or something terrible happens (the sky falls etc); you will receive atleast $8500 over 6 months.

I have a car worth $14,000 (current market value), and other assets that could be sold. This can be included in the contract as collateral if you wish. Any default, a local lawyer would be happy to help you.

The loan will be contracted, shares issued, ID and contract witnessed by a rep of the Commonwealth (aka Australian/Queensland Government).

Who is providing your new miners?

Can you prove you are currently mining 2.5btc per day with your current mining operation?

Butterfly labs will be providing the new hardware at this stage. We are in talks with Cointerra to provide this instead. The choice of hardware can be discussed between myself and the investor.

Absolutely, proof will be in the documents/contract when an investor has been identified and moving forward.

It is likely we (investor and myself) will do an IPO on one of the exchanges in December in preparation for Cointerra's tech.

at current difficulty
<gribble> The expected generation output, at 3500000.0 Mhps, given difficulty of 148819199.805, is 11.8275922046 BTC per day and 0.492816341858 BTC per hour.
you are increasing to 3.5Th/s of mining hardware for $7500 ?
great deal - but in 2 weeks difficulty will have gone up another 30-40%, so you will need more than 3.5Th/s to make the estimated returns you claim.

currently 4module avalon earns ~ 0.34BTC/day (before power costs) so to earn 2.5BTC/day you would have 6 of them?

Power in AU is expensive compared to many parts of the world - one of the reason so many AU GPU miners quit BTC mining in 2011 when price dropped from $33 to $3

I have been running a Pool in AU since June 2011,
If you would like to talk privately PM me, I may be interested if you can prove some of these claims
Cheers
Graet

Oh dear, I've suddenly lost interest.

Graet, power can be expensive in Australia, however not with the provider we use. There are a few new providers have now entered the market which is very well priced, especially if you put back into the grid. I also receive concessions on the bill.

I have 8 machines running now.

If you would like to discuss this in more details re: estimated Th/s for the investment, pooling etc, feel free to PM me.

Butterfly labs will be providing the new hardware at this stage due to demand v supply. HOWEVER, I am in talks with Cointerra and others to provide this instead as I share your concerns with hardware. The choice of hardware can be discussed between myself and the investor.

So if 20% is $7500 does that mean you are putting in $30,000 of capital?

Thanks,

Stuart

Stuart,

As it is currently in operation generating Bitcoin, the contractual guarantees, and share issue; I believe the $8500 return over 6 months, + 20% of BTC mined is very fair and a good opportunity for an investor or someone looking to lend their expertise.

Thanks

"You can't sqeeze blood from a stone".

If you default, it would cost more than $7500 to even get you to pay back 1/10th of the debt you owe, and that's if the investor is lucky. No lawyer will touch a bitcoin default and trying to get the money back would be impossible. You have a car as your primary asset, and no liquid assets. In other words, if you default on your obligation, no force in the universe will make you pay it back.

I put you as a 90% chance of defaulting on this obligation. Why?

- You are trying to make BTC by mining, which will almost certainly fail (based on probability).
- You are making promises that don't make sense.
- If you can afford to pay back $8500 back in 6 mths, why on earth won't you borrow funds from a local bank and pay a fraction of that in interest instead?

This will be a business partnership. Looking for a genuine investor here, knowledgeable in Bitcoin. It's a contract either way, and with a lien on an asset, any lawyer would do it. Would take them an application for repossession in any Magistrates Court, a few hours work for them.

I need to place the orders quickly. If I could borrow the funds quick I would, trust that.

This.

It seems you're caught by the Bitcoin hype and forget to calculate your venture through. The difficulty is claimbing rapidly and at this point its easy to say that unless you have a strong ASIC provider and very cheap energy, you won't make your investment back.

I would explore the option of running a pool in Australia if there is no significant one yet.

There is a serious lack of trust on these boards isn't there. The way of the world I guess.

I can offer as much verifiable information as possible. Collateral. If you are in Australia we can meet in person.

Would you give out $7500 to a complete stranger with close to zero chance of ever getting it back?

Are you in Brisbane or ever there for travel?

Yes I am on the Gold Coast so can meet in Brisbane. PM if you want to chat or meet.

if that were the case, no I would not. However, this is a genuine opportunity to get involved in an actual mine.

2.1792 BTC mined yesterday.

I do have to ask before going any further, your forum account has 14 posts now....
Do you have another forum account? Did you not have questions in regards to bitcoin/mining at any point when setting up your farm?

No I did not join this forum until recently. Had no real need. A great place to interact with fellow Bitcoiners.

If you're going to pay it back over 6 months, why not put it on a credit card? You'll pay less than $1,000 in interest and keep all the Bitcoin.

You could post your bitcoin address to prove that you actually mined that amount.